REG - 600 Group PLC - Trading Update

600Announcement

24/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230524:nRSX4062Aa&default-theme=true

RNS Number : 4062A  600 Group PLC  24 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014, AS AMENDED (AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).

 

 

24 May 2023

 

The 600 Group PLC

("600 Group", the "Group" of or the "Company")

 

Trading Update

 

600 Group plc, the industrial laser systems manufacturer (AIM: SIXH),
announces a trading update for the financial year ended 31 March 2023
("FY23").

 

Unaudited FY23 revenue is expected to be approximately US$30 million, with
gross profits of not less than approximately US$11.5 million and an FY23
operating loss of approximately US$2.4 million. The operating loss for the
year has been driven predominantly by the delivery of several unprofitable
ordinary course customer contracts within the Group's business which have
resulted in lower gross margins than had been originally anticipated due to
the impact of input cost inflation which had not been anticipated on entry of
the contracts earlier in the year.

 

As at 31 March 2023 the Group had an order book of US$7.8 million and
unaudited net debt of US$5.9 million, the latter reflecting a movement to
greater working capital requirements at the Group's Tykma business where that
business has been engaged in the production and delivery of higher value units
during the period. As at 31 March 2023, the Group's tangible net assets (net
assets less goodwill) are expected to be not less than US$11 million.

 

 

 

 

Enquiries:

 

 The 600 Group PLC                                     Tel: 01924 415000

 Paul Dupee, Executive Chairman

 Instinctif Partners                                   Tel: 0207 457 2020

 Tim McCall

 Cenkos Securities plc (Nominated Adviser and Broker)  Tel: 020 7397 8900

 Ben Jeynes / Max Gould (Corporate Finance)

 Alex Pollen / Henry Nicol (Sales)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTMZGZKVFDGFZM